A saving and loan assistance needs the information concerning the checking account balance of it's local customers. A random sample of 14 accounts was checked and yielded a mean balance of $664.14 and standard deviation of $297.29. find 98% confidence interval for true mean checking account balance for local customers Use the given degree of confidence and sample data to construct a confidence interval for the population mean μ. Assumethat the population has a normal distribution.18) A savings and loan association needs information concerning the checking account balancesof its local customers. A random sample of 14 accounts was checked and yielded a meanbalance of $664.14 and a standard deviation of $297.29. Find a 98% confidence interval forthe true mean checking account balance for local customers.A) $455.65 <μ< $872.63c) $492.52 << $835.76B) $453.59 <μ< $874.69D) $493.71 < u< $834.57Use the given information to find the P-value and state the conclusion of the hypothesis test.

Here n = 14, X-bar = 664.14 and s = 297.29 Now since Population SD is not known, so we use t…

Answered: Use the given degree of confidence and…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A saving and loan assistance needs the information concerning the checking account balance of it's local customers. A random sample of 14 accounts was checked and yielded a mean balance of $664.14 and standard deviation of $297.29. find 98% confidence interval for true mean checking account balance for local customers

Use the given degree of confidence and sample data to construct a confidence interval for the population mean μ. Assume
that the population has a normal distribution.
18) A savings and loan association needs information concerning the checking account balances
of its local customers. A random sample of 14 accounts was checked and yielded a mean
balance of $664.14 and a standard deviation of $297.29. Find a 98% confidence interval for
the true mean checking account balance for local customers.
A) $455.65 <μ< $872.63
c) $492.52 << $835.76
B) $453.59 <μ< $874.69
D) $493.71 < u< $834.57
Use the given information to find the P-value and state the conclusion of the hypothesis test.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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